IFC and Belgazprombank Partner to Support Belarus Private Sector Exports
Minsk, Belarus, July 30, 2012—IFC, a member of the World Bank Group, and Belgazprombank have partnered to expand trade finance support for private companies in Belarus exporting goods and services.
Under this new agreement, Belgazprombank will expand its participation in IFC’s Global Trade Finance Program and become a confirming bank. Belgazprombank first joined the program as an issuing bank in 2009.
Belgazprombank will share risk with IFC in financing transactions for importers of Belarusian goods and services in the countries of the Common Free Market Zone, the Commonwealth of Independent States, Central and Eastern Europe, the Baltic states, and other key trading partners of Belarus.
Since its inception in 2005, the Global Trade Finance Program has issued more than 12,000 guarantees totaling $19 billion to banks for trade-related payment obligations of their financial-institution clients in emerging markets. In fiscal 2012, IFC provided $2.9 billion to support trade in the world’s poorest countries, and 79 percent of all guarantees went to small and medium enterprises. The program includes more than 250 partner issuing banks in more than 90 emerging market countries.
Belarus joined IFC in 1992. IFC has been actively involved in advisory services in the country since 1993, starting with the privatization of small businesses. IFC focuses on improving the country’s business environment and investment climate. From 2004 through June 2012, IFC committed over $300 million in a number of projects in Belarus.